We have a limited partnership with two married couples. We have an account that we use exclusively for the business (apartment house), and have depositedchecks from tenants in the name of the partnership or the two general partners. The bank now wants us to open an account in the partnership name. Can we just add the partnership name to the signatory list? All proceeds pass through to the partners anyway, so there is no tax implication.
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The bank may want the account type changed because the account is in your personal names now and it is in fact a business account. What new documentation is required depends on the bank and the account type. It is a bigger change if the account you have now is an interest bearing checking account like a NOW, although it may be called anything. Your partnership can't have a NOW, but could have a more restrictive MMDA or savings account, or a regular checking account.
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The bank may want the account type changed because the account is in your personal names now and it is in fact a business account. What new documentation is required depends on the bank and the account type. It is a bigger change if the account you have now is an interest bearing 